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EXHIBIT 2.5
Agreement made January 11, 1999
Between:
Nam Tai Electronics, Inc.
("NTEI")
And:
Xxxxxx X. X. Xxxx
("Chan")
WHEREAS NTEI wishes to retain Chan to negotiate a resolution of a
dispute between it and Price Waterhouse (Hong Kong) regarding the statement of
account submitted by Price Waterhouse (Hong Kong) and the services performed by
Price Watehouse (Hong Kong), in connection with the Albatronics project.
NOW THEREOFE the parties agree as follows:
1. Chan will travel to Hong Kong and engage in settlement
discussions with Price Waterhouse (Hong Kong) regarding the
Price Waterhouse (Hong Kong) statement of account and the
services rendered by them, in connection with the Albatronics
project and potential litigation between NTEI and Price
Waterhouse (Hong Kong).
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2. In connection with all trip expenses, NTEI will provide Chan
with a non-refundable allowance of $6,000 (CDN).
3. NTEI will provide to Chan a non-refundable payment of
$250,000.00 (CDN) in connection with the matter described in
paragraph 1 hereof.
4. Chan will not enter into any agreement with Price Waterhouse
(Hong Kong) on behalf of NTEI in connection with the matter
described in paragraph 1 hereof or any other matters, without
first obtaining the consent of NTEI to the agreement.
5. Chan will be paid an additional amount of $50,000.00 (CDN) if
he is able to negotiate, on behalf of NTEI, an agreement with
Price Waterhouse (Hong Kong) which results in NTEI paying to
Price Waterhouse (Hong Kong) at most $500,000.00 (HK)
inclusive of all monies already paid by NTEI or any subsidiary
company, in connection with the statement of account rendered
by Price Waterhouse (Hong Kong) regarding the Albatronics
project.
6. Chan will be responsible for paying all taxes and other moneys
which may be owed to any Governmental jurisdiction in
connection with the payments described in paragraphs 2, 3 and
5 of this Agreement. Chan hereby agrees to indemnify NTEI and
all the other Companies in the Nam Tai Group and all of their
directors, officers, employees and agents with respect to any
taxes or other moneys which may be claimed by a
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Governmental jurisdiction with respect to the payments
described in paragraph 2, 3 and 5 of this Agreement.
7. In respect of payments described in paragraphs 2 and 3, NTEI
will wire transfer before Monday, January 18, 1999 at 5:00
p.m. Hong Kong time $256,000 (CND) to the following bank
account:
Standard Chartered Bank
Account Name: Xxxx Xx Hung
Account Number: 413-1-007511-2 Canadian dollar account
8. It is agreed that the Termination Agreement (including the
resignation letter) between Chan and Nam Tai Electronics
(Canada) Ltd. dated January 11, 1999 shall be void if the
payments specified in paragraph 7 above are not made as
required.
IN WITNESS WHEREOF this Agreement has been executed by the parties hereto as of
the day, month and year first above written.
Nam Tai Electronics, Inc.
Per:
_____________________________________
SIGNED AND DELIVERED BY )
XXXXXX X. X. XXXX in the presence of: )
)
_____________________________________ _________________________
Name ) Xxxxxx X. X. Xxxx
_____________________________________ )
_____________________________________ )
Address )
)
_____________________________________ )
Occupation
